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2017 Oregon Revised Statutes
Volume : 02 - Business Organizations, Commercial Code
Chapter 074A - Funds Transfers
Section 74A.2120 - Liability and duty of receiving bank regarding unaccepted payment order.
Universal Citation: OR Rev Stat § 74A.2120 (2017)
If a receiving bank fails to accept a payment order that it is obliged by express agreement to accept, the bank is liable for breach of the agreement to the extent provided in the agreement or in this chapter, but does not otherwise have any duty to accept a payment order or, before acceptance, to take any action, or refrain from taking action, with respect to the order except as provided in this chapter or by express agreement. Liability based on acceptance arises only when acceptance occurs as stated in ORS 74A.2090 and liability is limited to that provided in this chapter. A receiving bank is not the agent of the sender or beneficiary of the payment order it accepts, or of any other party to the funds transfer, and the bank owes no duty to any party to the funds transfer except as provided in this chapter or by express agreement. [1991 c.442 §20]
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